Bank statement home loans offer unique opportunities and flexibility for borrowers, but they may not be suitable for everyone.
Here are a few potential disadvantages to consider:
For self-employed borrowers, it’s important to have a minimum of two years of self-employment history to qualify for a bank statement loan. However, exceptions can be made for business owners with at least one year of experience in the same line of work.
Interest rates and down payments for bank statement loans may be higher compared to traditional loan options, depending on your credit score and overall financial situation. At Griffin Funding, we strive to secure competitive interest rates for our customers.
It’s important to note that bank statement loans are considered Non-QM loans, which means they are not regulated like traditional mortgages. This gives mortgage lenders more flexibility in setting eligibility criteria.”
We are here to navigate the borrower in the right direction, our experienced loan consultants are experts at qualifying borrowers using bank statements. We offer multiple bank statement programs such as 3-month and 12-month bank statement programs, these programs do require higher down payments but are being used for those borrowers that fit the criteria.
Contact us for more information about our diverse bank statement programs.
